From 2019 to 2021 Air Liquide experienced a weighted absolute increase of 16% in total Scope 1, 2 and 3 emissions. Without further mitigation, Air Liquide will overshoot SBTs by a significant 243%, failing to align with a 1.5°C pathway by 2030 or a well-below 2°C warming scenario by 2035. However, Planet Tracker does not anticipate that this will happen if the company follows through with its forward-looking disclosed initiatives.

Incitec Pivot demonstrates a robust commitment to its climate transition with ambitious greenhouse gas (GHG) reduction targets and proactive risk management. The company’s revised transition plan aims to achieve a 42% absolute reduction in emissions by 2030 and Net Zero by 2050. A more detailed connection between mitigation projects and transition investments would enhance Incitec’s transparency and align the company’s efforts more clearly to its 1.5°C target by 2030, and subsequent Net Zero by 2050.

LyondellBasell has a short-term climate transition plan which is much more credible than many of its CA100+ chemical sector peers. As a result, it is on target to meet its 2030 emissions target. Beyond this date, however, there is a lack of clarity, making it difficult for investors to understand how it will achieve its net zero target by 2050.

Planet Tracker’s analysis shows that Dow is on track for a +3ºC climate scenario by 2030, although the company claims it is ‘aligned with a 1.5°C world’. With 72% of emissions coming from Scope 3 and Dow having no Scope 3 target, it is difficult to have confidence in the management’s statement.

A new analysis of German multinational pharmaceutical and biotechnology company Bayer finds that the company shows extremely modest plans to reduce its Scope 3 emissions, despite thes accounting for over three quarters of its emissions. Although the company is committed to ambitious climate targets, including to become Net Zero by 2050 across its entire value chain, there is no roadmap for investors to show how it will achieve this.

An analysis of German multinational chemicals company, BASF, in July 2023 found that the company was failing to meet its stated climate goals of Net Zero emissions by 2050 and was instead relying on unproven future technologies.

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